We are again approaching a key spot in the 10 yr benchmark note. The yield at 3.49% is at the highest level since Dec 15th on a closing basis and just 3 bps from matching the highest since May ’10. The 30 yr bond yield at 4.64% is now at the highest since late April ’10. Also moving higher are shorter term rates, with the 2 yr note yield and 5 yr yield up 7-8 bps. I mentioned earlier today that short rates in the UK and Germany are rising to the highest since late ’09.
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